The Creditor Committee - whose members hold more than 50% of Belize's original superbond issued a release today saying that, quote "all of its members have agreed to tender their Old Bonds in the exchange offer." In other words, they have agreed to accept the terms of Superbond 2.0.
AJ Mediratta, the Co-Chair of the Committee is quoted as saying that "The Committee appreciates the GOB's willingness to negotiate in good faith and to adhere to what was in the end a fair and transparent process."
And while the government has already done its P-R on what a good deal it is for Belize; in its own defence, the Committee notes that GOB has agreed to reimburse certain expenses of the Committee, and notes that the terms of the New Bonds contain certain protections for bondholders including "principal reinstatement in the event of a future default," among others.
The Committee and an Ad- Hoc Group represent over $338 million of the $548 million of the Superbond.
Now, considerations turn to the bondholders who own the remaining 210 million dollars. Their "buy-in" will be needed to reach the threshold of 75% of bondholders - which would trigger the collective action clause -effectively forcing all bondholders to buy into Superbond 2.0. The offer is expected to remain opened for three weeks.
Email
Print